IFRS 16 Leases (‘IFRS 16’) requires an entity to assess whether a contract conveys the right to control the use of an identified asset. Where it does, the contract is, or contains, a lease. The IFRS Interpretations Committee (‘IFRIC’) recently published...
The IFRIC recently published an agenda decision dealing with the accounting treatment of guarantees. The agenda decision stems from a request for clarity as to whether contractual guarantees issued by an entity in respect of obligations of a joint venture should be...
Entities without public accountability may apply the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs). This is a set of accounting standards based on full IFRS with various simplifications. The IASB performed...
Arrangements for electricity procurement vary in how they match electricity production from natural sources with usage. The IASB identified that applying the own-use exemption in IFRS 9 to such arrangements posed certain challenges. This prompted narrow-scope...
The International Accounting Standards Board (IASB) published IFRS 19 Subsidiaries Without Public Accountability: Disclosures (‘IFRS 19’) in May 2024. This standard provides relief for subsidiaries without public accountability whose parent companies...
As the importance of climate-related commitments grows in the corporate sector, questions arise regarding their accounting treatment under IFRS. The IFRS Interpretations Committee (IFRIC) received a submission requesting clarification on how IAS 37 applies to...